FCNB Corp. has a deal to acquire Frederick (Md.) Underwriters Inc. and its two affiliate agencies for about 413,000 shares of FCNB stock.
At FCNB's current stock price, the deal is valued at about $10 million. The transaction is expected to close during the fourth quarter.
The deal calls for FCNB, also of Frederick, to merge its insurance agency subsidiary into Frederick Underwriters. The company said no job cuts are expected.
FCNB also has a deal, expected to close in the fourth quarter, to acquire Capital Bank, Rockville, Md. The acquisition would raise FCNB Bank's assets to $1.2 billion.